Worth repeating part of this offline conversation:There are a...

Worth repeating part of this offline conversation:

There are a number of options for PCL with regards to the expiration date in January 2026 (if PCl are still in negotations by end of Q3 25)

1. Use their relationship with NAMCOR and MME to extend the lease with no requirement (or delayed timeframe) for further 2D or 3D work
2. Raise the money for the 500SQM 3D from SI or tap the T20 (6500SM cost $35M USD so its a fraction of that)
3. Borrow part or all to fund the 500SKM 3D in a combination with a partial equity payment offer to the 3D contractor
4. Go tot he market CR to fund the 500SQM 3D with a decent option offer
5. Combination of some or all of the above

There is not going to be the pressure on PCL to act hastily that some think

The BOD have dodged what would have been a potentially difficult relationship with Woodside as a business partner.

There is some major relief about that.

Speculation: New partner farmed in latest end of Q2 25 and drilling Q4 25